Wednesday, December 20, 2006

A. Baumann & Co, a machinery-supplier traded on the AIMS Board of the Nairobi Stock Exchange, was up a massive 241% (yes, that is correct) on a trade of only 400 shares today. The high was 45/- whereas the weighted average price was 37.50 compared to the prior price of 11/-.

I am not aware of any financial announcements that would have caused the 10% rule to be set aside but I will post any additional news as it becomes available.

A. Baumann and its former controlling owners have been embroiled in multiple lawsuits in various countries. The parties involved included Kamlesh Pattni (of Goldenberg scandal fame), Ketan Somaia (wheeler dealer when Dan Moi was president).

ABCO had to dispose of its Ugandan assets after it lost a case involving guarantees that one of the prior Boards had made using assets belonging to A.Baumann (U) as collateral. Earlier in 2006, a Hans Krumeich ended up wresting control of ABCO from the previous owners.

ABCO’s year-end is March 31 2006, but I have not come across any financial results for the 2005-6 year.